The shares of the Penny stock specializing in providing integrated solar information technology (IT) solutions hit a 2 percent upper circuit upon receiving a work order from ONGC for solar and Energy Efficiency Services.
Price action
With a market capitalization of Rs. 34.57 crores on Tuesday, the shares of Ahasolar Technologies Limited hit a 2 percent lower circuit, making a high of Rs. 112.15 per share compared to its previous closing price of Rs. 109.96 per share.
What Happened
Ahasolar Technologies Limited, engaged in providing integrated solar information technology (IT) solutions, has received a consultancy work order from Oil and Natural Gas Corporation Limited (ONGC). The order is for services related to energy efficiency and solar power, with the contract valued at approximately Rs. 32.25 lakhs. This domestic consultancy agreement is to be executed over 15 months.
About the Company
Ahasolar Technologies Limited specializes in CleanTech solutions to facilitate the transition to renewable energy through digital transformation. The company offers Software as a Service (SaaS) products for solar companies, encompassing PV design, project management, and generation monitoring, along with an integrated marketplace connecting demand and supply.
Services Offered
The company offers three services: software solutions for solar PV installers and government agencies, advisory and technical consultancy for solar power plant development, and a marketplace connecting solar PV installers and manufacturers, with a pan-India presence, making a significant impact in the solar ecosystem.
Marquee Clients
The major clients of the company include L&T, BPCL, Coal India Limited, Tata Steel Ltd, Torrent Power, UPNEDA, KPMG, Deloitte, and many more.
Key Insights
The company has a low debt-to-equity ratio of 0.05, indicating strong financial stability. Additionally, it has shown a solid average Return on Equity (ROE) of 22.04 percent and an average Return on Capital Employed (ROCE) of 19.04 percent over the past three years, reflecting strong profitability and efficient use of capital.
Financials
The company’s revenue rose by 50 percent from Rs. 12.89 crore to Rs. 23.07 crore in H1FY24-25. Meanwhile, the Net profit went from a loss of Rs. 0.77 crore to a loss of Rs. 2.88 crore during the same period.
Written by Sridhar J
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